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Report

Welcome to our vision of how tomorrow's bank will function digitally

Report, published: August 2020

•In five years’ time, consumers will combine their banking needs with a trip to their local café or supermarket, opening an account secured with full KYC and AML checks through super-capable POS terminals or withdrawing cash when paying for their coffee. As Brett King puts it in Bank 3.0, ‘Banking is no longer somewhere you go, but something you do.’ – a complete change from what we’ve known to date. And this revolution will be powered by super-capable, automated banking terminals, backed up with secure, efficient and powerful software.
•Digital banking has a number of attractions, not least because it is based on more flexible and cheaper intelligent terminals and cloud computing enabled by new, super-fast mobile internet network technologies.
•This new approach to banking service delivery will have wide-reaching effects, including enabling those people around the world without sufficient access to financial services to enter the banking system, a market valued at around US$380 billion per year.
•To succeed, banks need to completely change the way they think about their existing systems. As the world moves online, customers will expect faster, cheaper, more secure and flexible services as and where they want them.
•As our report makes clear, banks around the world have started adopting innovative, digital-first client services. Now is the time for banks around the world to ask themselves: are we ready for the digital revolution? This report explains why the digital banking revolution is happening – and what you need to do to prepare.

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Specifications

Research Type Overview
Published 13 Aug 2020
Pages 27
File Type PDF
Size 5927kb
Geographic Scope    China
Editions Online & Mobile Banking, Payments General



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